Landlords doing well despite low interest rates

That rate dropped to 2.4 per cent for homes between five kilometres and 20 kilometres from the CBD.

Outside Brisbane, Ipswich and Logan had vacancy rates of 2.8 per cent, the Sunshine Coast was at 1.5 per cent, Moreton Bay on 1.4 per cent and Caboolture at 1.0 per cent.

The REIQ classifies vacancy rates of 2.5 per cent or below as tight and rates of 2.5 per cent to 3.5 per cent as healthy. Vacancy rates of 3.6 per cent or above is classed as a weak market.

Chief executive Antonia Mercorella said vacancy rates range from healthy to tight across all markets, despite low interest rates encouraging people to move from renting to buying.

“People are choosing to live where they can be close to entertainment, work and transport and this is reflected in the vacancy rate data,” Ms Mercorella said.

The REIQ expects the property market in Brisbane and south-east Queensland to benefit once projects such as Brisbane’s Queen’s Wharf get underway.

“Brisbane is taking its place on the world stage as a modern, sophisticated new world city and this will benefit everyone involved with property,” she said.